Formula One Teams to Boycott Meeting with IAF Chief

Nine of the 10 Formula One auto racing teams have decided to boycott a meeting with International Automobile Federation head Max Mosley as part of an ongoing battle over money and rules.

The teams - everyone except Ferrari - along with five manufacturers oppose Mosley's and chief executive Bernie Ecclestone's tight controls over the money in Formula One.

The so-called Concorde agreement, which spells out how money is divided and how the sport is governed, is due to expire in 2007. Mosley had called the meeting to discuss rules for the 2008 season.

The nine teams boycotted a similar meeting in January. Ferrari, the richest and most successful team in the sport, decided to stay with FIA until 2012 after Ecclestone offered the Italian team a lucrative deal over the next three years.

The breakaway teams also plan to start a rival circuit called Grand Prix Racing. Teams want a bigger share of Formula One's revenues and more say in how the sport is governed. Currently, Ecclestone and his holding companies receive most of the profits from commercial rights generated by Formula One.